I'm surprised that with this much discussion about oil, that no one has mentioned BITOG (Bob is the Oil Guy). If you're really curious about the subject, that site has everything you'd ever want to know about lubricants (of all types). Filters, too. And I know there are posts there concerning the engines in our vehicles. I did research on that site before I decided to go with the GMT360 platform for my current truck (actually, I chose a GMT370, for the extra cargo capacity).
If you want to know the general condition of your engine, there are companies (Blackstone Labs is one) that perform analysis of your used oil. They send a collection kit at no charge (a plastic bottle, and a container to ship it in), and you pay them for the service (about $20 or so, the last time I used them some years ago) - they e-mail you a detailed analysis indicating things like wear (bearings, etc.) intermingling of fluids at trace amounts (e.g. coolant, etc) - before they become bigger problems - or confirm your suspicions, if you know you likely have an issue. I've used them in the past, and plan to get a sample in to them for my Envoy at the next oil change.
As far as what I use myself... I use Valvoline MaxLife High Mileage in the Voy - it's considered to have a good additive pack, has the seal swellers / conditioners you probably want, and it's not terribly expensive. For filters, the Fram Extended Performance (XP -?) is supposed to be very good (not the regular Fram). I used to love Purolator One filters, until they started putting that grippy coating on the ones I used - which came off on your hands - and you could see the stuff *inside* the filters. Looks like they've discontinued that coating, though - so I may try them again. I have a OEM filter on the Envoy right now - you'll hear mixed opinions on these, depending on the type. I use OEM filters on my Hondas (the good ones, made by Filtech, not the Fram-manufactured ones).
I love Pennzoil Platinum, and I find my Hondas tend to run quieter with it than with M1 - plus it has a fantastic additive (anti-wear) package. I don't use it in the Envoy because: a) - I don't think it has the seal conditioners as a 'high-mileage' oil traditionally does, and b) - I had no knowledge of whether the vehicle consumed a lot of oil when I got it. Once I get an analysis done at my next oil change, I'll re-evaluate.
Wal-Mart tends to have the best prices on oil, from what I see around here, at least. Get two 5-quart jugs of whatever you like to use (you'll have enough for top-ups), and you'll be set.
As someone else said - if you've got 290K on the clock, someone took halfway decent care of that engine.